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What is Procurisk?

Procurisk® is a risk modelling tool, unique in its field, designed to probe and identify procurement risks.

Procurement decisions have the potential to create serious risks for a buying organisation. A structured risk modelling tool such as Procurisk ® will help to identify potential risks and promote the development of risk mitigation strategies within your business. Procurisk ® augments ISO 31000:2009 and is of material assistance to Directors, Audit, Legal, Finance and Procurement specialists.

Further benefits of using Procurisk® include:

  • Enhanced bottom line performance
  • Visibility of procurement risks to inform the Board of Directors
  • Enhanced value for money
  • Greatly reduced potential for contract disputes
  • Lower insurance costs
  • Strategic supplier risks visible and managed
  • Robust methodology to support Audits and Corporate Risk Management
  • Enhanced negotiation strategies for risk allocation
  • Enhanced Contract Management processes to avoid supplier non-performance

A range of assessment modules to suit your requirements

Procurisk® currently has 12 datasets, aimed at identifying risks in key facets of procurement

Examples of the datasets are; Supply Market Risks; Contract Risks; Intellectual Property Risks; Contract Management Risks; Vendor Risks and Price Management Risks.

View our full range of data sets

Contract Risks
Financial Risks
Supply Market Risks
Supplier Relationship Management Risks

IT Systems Support Risks
Procurement Dependencies Risk
Intellectual Property Risks
Procurement Pricing Decision Risks
Vendor Risks
Procurement Performance Visibilty Risk
Intellectual Capital Risk
Contract Management Risks (Post Contract Award)

How do I access Procurisk?

Procurisk® is designed to be used online, accessed through a normal web browser. The tool can be applied to a single purchase; a project specific procurement; a procurement category (IT for example), and in a dispute scenario. There are over 200 metrics within the datasets. The metrics can be self-assessed within an organisation, although if required Brian Farrington Limited can provide resources to assist with the assessment.

The output is visually displayed and offers the potential for an annual review of procurement risk management.

Each metric has descriptors to help position your risk modelling on a risk scale. Procurisk® is augmented by ACTION guidance, suggesting possible actions that can be taken to mitigate your procurement risks.